Assignment on Environmental Sustainability

Stakeholders can undoubtedly be affected by the ways a company chooses to incorporate corporate sustainability especially in its operational processes and this is the reason why it is essential for an organization to take its stakeholders on board whenever it decides to dedicate the company towards sustainability while also allowing them to say and contribute their views in future directions as well. Whereas, stakeholders can be affected in many positive ways if a company decides to become mindful about the importance of sustainability and the reason behind such effects are largely due to tougher environmental regulations and public convictions.

Organizations are increasingly adopting sustainable business procedures mainly for their essential operations and in business enterprises keeping the environmental regulations in mind and also the fact that sustainability belongs to the protection of not just natural resources but also humans as well. This is how sustainability affects the stakeholders in benefiting the business or the economic development or consumer’s quality of life.

Stakeholders consists of a variety of people or organization’s members like employees, customers, shareholders and even the communities that tend to have interests in the favor of company with their developmental ideas and projects and strategical ideas. They all belong to the category of stakeholder and they all can get affected by incorporation of sustainability in company’s operations and not just affects the society but the whole global environment as a whole. All enterprises are more or less linked to global economy while stakeholders constitute the local citizens of nations who are also linked to the economies of the nation hence in this way, stakeholders get majorly affected by the changes in procedures of multinational corporations and their changing sustainable efforts.

Following are the factors that should be kept in mind while deciding the stakeholders who should be considered important for sustainable decisions:

Institutional development – describes how the operational procedures should be carried out for the firm.

Environmental initiatives – describes what measures should be taken to protect the environment along-with the successful business operations.

Governance initiatives – this factor defines who to be in the control of governing the organization for beneficial long-term sustainability.

Social initiatives – includes all those factors that makes up the social networking of the firm with other firms or other leading groups in the same industry.

Innovative performance – describes what innovative measures and ideas can be implemented to bring technological development while simultaneously sustaining the business environment.

Explain the possible strategies of promoting sustainability to gain Stakeholders’ support. Support your answer with examples.

The business which needs to have the stakeholder support for an advancement of maintainability by the various systems. A financially as well as productive savvy plans for a drawn on suites the manageability of business according to these examples;

Social media is the decent asset which is also keeps business as well as individuals and the stakeholder locked in. A business will be the best which is embraces a customer and it would also activities and performs.

An insides changes which is like the reuse for plastic by the reusing as well as the great utilization of water and dirt in the procedure and creation which causes the stakeholder have the greater and better stake for the required natural considerations of the business task.

The great vocal pundits which required to be tuned like the business are created and adjusted the possibility and supportability as well as also support the stakeholder.

And at last the community commitments which the major part like the business and it would also have long standing relationship by the individuals plus the earth where it is in it.

Many multinational companies do believe that their stakeholders do care about sustainability as environmental sustainability has become a trend and stakeholders are also concerned about it and try to avoid wasteful business practices as much as they can. It is because the consumers of this age have become very sensitive about the environment they are living in and especially the resources they use abundantly in their everyday life like air quality, water, climate and also care about eco-friendly consumptions. Corporations try their best to advertise their image by adopting such campaigns that assure sustainability for consumer’s commitment to their organization. This practice has have many positive impacts but on the same time, it has been negatively effecting the competitiveness between entire business sectors and as the demand for sustainable and eco-friendly products have been rising day by day making the manufacturing units outdated.

Environmental sustainability refers to the use of structural strategies to reduce hazardous impacts on environment and natural resources through structural systems of world’s economy and social systems and to keep using such strategies permanently while keeping pace with the economic growth and managing social consistency. Sustainability in environment has different dimensions while three of them are:

-       Social solidarity: This refers to the equal opportunity for quality of life and human welfare given equally to all the people for their sustainable development and this development should contribute to their social needs while also making them independent about their individual capacities and skills. The aim of this dimension is to end poverty by improving the living standards of all humans so that everyone can live and enjoy their life with full rights without having a fear of having those rights for a shorter period of time as this should be implemented throughout their lives for a longer-run in human race.

-       Environmental responsibility: It refers to the capable and rightful use of natural resources without damaging the ecosystem’s veracity and ecosystem’s equilibrium while also reducing the burden from environment through sustainable procedures of making the use of natural as well as recycled resources.

-       Economic efficiency: It refers to the use of economic and technological procedures and activities efficiently to foster productivity and improve investments as well as contributing efficiently to the economic growth and its potential output.

Following are the factors that can intervene the effective role of environmental sustainability on marketing performance:

·         Social influence including social norms, social identities and social desirability.

·         Habit formation including discontinuity to change bad habits, penalties, implementation intentions, prompts, incentives and feedback.

·         Individual self including self-concept, self-interest, self-consistency, self-efficacy and individual differences.

·         Feelings and cognition including positive and negative emotions, eco-labeling, framing, information, learning and knowledge.

Q3)

Following are the factors that affect environment-friendly use of technological information among firms:

·         Policy effect: Viable construction of policies are equally affected by the technological innovation as the policy makers have to keep the costs and expenses in mind about using the latest technologies and also the costs incurred in the implantation of such eco-friendly equipments in their organizations require a lot of budget. This is the reason why some organizations ignore using eco-friendly as they want to get rid of such expenses and they keep on going with their hazardous procedures of manufacturing and keep adding to the smoke and chemical pollution in the open environment.

·         Eco-auditing schemes: This refers to the use of environmental reports and their positive correlation to the innovative environments. The organizations and even the specifies departments working for the sustainability of environment have to present monthly or yearly schemes of how they have been implementing their environmental innovation to their business processes and how it has affected their overall incurring costs and they need to be available for such audits whenever required.

·         Industrial relations: Presence of trade unions and heavy industrial relationships can never make up with the smooth running of innovative environmental procedures as due to high pressure for increased production and increased interaction between not just employees of one organization but all the organizations having partnerships and trade unions highly affect the environmental sustainability.

·        Balancing the technological innovation between organizations and environment:

Depending on various financial and policy reasons, it becomes difficult for a firm to keep a balance between the implementation of innovation in their work organizations while also keeping the environment sustained for natural and healthy outcomes.

And according to my perspective, this is the most important factor as depending on today’s higher consumer demands of innovation in all sorts of products has built a discrepancy between the balanced environmental innovations. For example, a tobacco company that’s purpose is to manufacture cigarettes for general public has to keep up with environmental sustainability which is quite difficult in their sector. They do realize that tobacco is hazardous for humans yet they keep manufacturing it and keep earning revenue from it.